Principal of Red Sea Management Sentenced to 20 Years.

Jonathan Curshen, 47, the principal of Red Sea Management and Global Securities and Honorary Consul to Costa Rica for St. Kitts & Nevis was sentenced to 20 years in prison for a $7 Million Stock Manipulation Fraud in Miami on Friday last week.

Curshen and his co-defendant, Las Vegas stock promoter Nathan Montgomery, were involved in a scheme to illegally manipulate the stock price of CO2 Tech.

The evidence further showed that, from approximately 2003 through 2008, Curshen operated Red Sea as a money laundering hub in Costa Rica that established bank accounts and brokerage accounts in the United States and Canada under false pretenses and through nominee owners. The evidence further showed that Curshen and his co-conspirators laundered the proceeds of the stock fraud from accounts in the United States to an account in Canada, all in an effort to conceal and disguise the nature and source of the proceeds.

Stock promoters Barham and Weidenbaum were sentenced yesterday to 30 months and 26 months in prison, respectively. Michael Krome, a securities attorney from New York, who participated in the conspiracy and evaded federal securities registration requirements, was sentenced yesterday to 34 months in prison. Reynolds is scheduled to be sentenced at a later date.